Our valuation is based on a platform-focused rNPV framework, with value driven by two modelled AAVcircVec licensing agreements, the assumed deal terms, and the probability and timing of execution. The
Base scenario is limited to AAV-based gene therapy and excludes funding from the warrants exercise, with
in vivo CAR treated as longer-term optionality in the Bull scenario. We model disease-relevant in vivo efficacy data in H2-26 as the key value inflection, triggering a partner evaluation period and two licensing agreements. We estimate a CNS-focused deal in H1-27 at USD 400m total deal value, which we believe is linked
to the funded big pharma collaboration, followed by a larger heart/eye deal in H2-27 at USD 1,500m, reflecting broader indication scope and systemic AAV competitive dynamics. Recent transactions in AAV gene
therapy and in vivo cell therapy, ranging from USD 75m upfronts to platform acquisitions at up to
USD 2.4bn, support sustained partner appetite for early-stage enabling platforms. Applying a LoA of 7.5%,
a WACC of 13.7%, and reflecting the post-placement capital structure, we derive an implied equity value of
NOK 1,414m, corresponding to NOK 5.9 per share. In a Bull scenario, a third licensing agreement in in vivo
cell therapy and larger AAV deal values yield NOK 19.8 per share.
